HOUSE PRICE RISES AMONG THE FASTEST IN UK
Average costs of property in parts of the county are up to almost £650,000
HOUSE hunters in parts of Buckinghamshire are faced with some of the fastest rising house prices in England, according to this month’s House Price Index.
The average property prices in the area rose by 14.7% since March last year, up from an average of £556,339 to £638,210.
Since March 2016, prices have risen by 4.4% in Chiltern, 5.4% in Wy- combe and 10% in Aylesbury Vale. This increase means South Bucks prices have risen third fastest out of the local authorities in England since last year, with Orkney Islands and Knowsley just ahead.
Buckinghamshire property prices, according to Rightmove, remain at nearly a national high in some areas of the county.
The majority of sales in Beaconsfield in the last year were detached properties, selling for an average price of £1,341,644.
Beaconsfield, with an overall aver- age of £953,817, was more expensive than nearby Wooburn Green (£415,196) and Loudwater (£298,949).
House hunters in Gerrards Cross will also be faced with exceptionally high prices, with a current average price in the area of £874,155.
However, Seer Green property prices dwarf those in the surrounding areas, with the average currently being £1,231,185.
Niral Batavia, director at Hunters Estate Agents’ Amersham and Chesham
branches, said the property prices increase with the demand.
He said: “The house prices are so high because the fundamentals are so good.
“Those fundamentals are the things which create a lot of demand.”
“Buckinghamshire schooling is second to none and the transport links are very good, with overground and underground stations.
“It’s also just a nice place to live – we’re within the Chilterns, it’s scenic and nice and within minutes you can be outside in the countryside and in the hills.”
According to Mr Batavia, the county’s fundamentals means that first-time buyers will have to rely on the ‘bank of mum and dad’ for the foreseeable future.
“I think it will continue,” he added.
“There’s no land anywhere to build – unless lower green belt gets converted into sites for redevelopment, of which there is talk.
“The supply will never meet the demand, which will constantly put pressure on house prices in the area.”
Although local house prices continue to grow, the average prices overall in the UK seem to be slowing down.
The average price increased by 4.1% in the year to March 2017, which is down from 5.6% the year to February 2017.
This continues the general slowdown in the annual growth rate seen since June 2016, when the annual price rise was 9.4%.
The average UK house price was £216,000 in March 2017, £9,000 higher than in March 2016 and £1,000 lower than last month, according to the Office for National Statistics.